Cobre Limited (CBE.ASX) First Deep Hole Intersects High-Grade Copper Mineralisation
Cobre Limited (ASX:CBE) announced an update on its ~40,000m drilling programme and preliminary results from diamond hole SA_CBR_DD001 at the Sierra Atacama Copper Project (Sierra Atacama or the Project), Antofagasta, Chile.
HIGHLIGHTS:
- The first diamond core hole since 2021 has been successfully drilled to 986.9m, intersecting mineralization in untested ground and proving continuation of structures at depth.
- Diamond hole SA_CBR_DD001 includes a 3.57m interval of chalcopyrite-pyrite mineralisation logged from 784.90 to 788.47m downhole, with estimated abundances of 4% chalcopyrite and 2% pyrite, developed at the contact with a magnetite-bearing hydrothermal breccia;
- A further 0.60m interval logged from 798.20 to 798.80m downhole, with estimated abundances of 6% chalcopyrite and 3% pyrite hosted in a massive magnetite breccia (refer to "Visual Mineralisation Logging and Disclaimers" for the abundance table and disclaimers);
- 11 Reverse Circulation holes have now been completed with further ramp-up expected with the arrival of a second rig and crew;
- Underground drilling focussed on delineating the high-grade mixed zone at the base of the current mining operation has now commenced;
- Additional Diamond Drilling targeting extensions below the northern underground working in progress; and
- Drill results will be announced in due course following receipt of assay results.
In addition, management was pleased to host a group of investors and stakeholders on site at Sierra Atacama over the weekend of the 19th of September. The site visit provided insight into the progress made since acquiring the asset and the sheer scale of the mineralisation.
Commenting on the preliminary results from the Drill Programme, Adam Wooldridge, Cobre's Chief Executive Officer, said:
"We're very pleased to see the extension of mineralisation at depth confirming the scale and size of the mineralising system below the existing operation. Additionally, the alteration system and favourable mineralised sedimentary host rocks intersected offer significant opportunity for manto-style deposits where thicker mineralisation is expected. Having a great result like this from our first deep hole adds tremendous value to our understanding of the bigger mineralised system and opportunity.
With 4 drill rigs in operation, the Company is breaking significant ground on our pathway to convert the NI43-101 resource into maiden JORC compliant resource estimate. A great outcome as we lead into completing this major drill program this year whilst in parallel we ramp up production as previously announced."
As announced on 1 July 2026, Cobre is progressing an extensive 40,000m surface and underground drill programme. The programme is designed to validate historical drilling and provide infill data for resource modelling, test additional brownfields targets adjacent to the current mining operations, and test the depth extension of mineralisation below the current mining operation.
SA_CBR_DD001 was drilled to a depth of 986.90m at a dip of 45 degrees towards 255 degrees, testing continuation of structures and mineralization at depth. Key highlights from this hole are summarised below:
1. Shallow oxide copper mineralisation supports 3D vein model demonstrating continuity of mineralisation as expected;
2. Hydrothermal breccias with associated chalcopyrite and chalcocite mineralisation demonstrate continuity of mineralisation from the overlying oxide system into a magnetite rich feeder zone; and
3. Mineralised Devonian (likely) sedimentary units provide an ideal host rock for manto-type deposits (similar to neighbouring Marimarca's Pampa Medina project located 20km to the northeast) opening the possibility for multiple styles of deposit within the mineralising system.
A locality map illustrating the position of current drill rigs is provided in Figure 1*. A geological conceptual section with annotations is illustrated in Figure 2*. A lithological and mineralisation log along with core photos is provided in Figure 3*. A drill log illustrating the position of key mineralised breccia horizons is provided in Figure 4. Drill hole collar positions are provided in Table 1* and a mineralisation log in Table 2*.
Visual Mineralisation Logging and Disclaimers
Detailed logging of mineralisation including type, setting and abundance has been completed for SA_CBR_DD001. Drill core is currently being cut and sampled and will be sent for assays shortly. Assay results are anticipated in October. A visual mineralisation abundance log is provided in Table 2*.
Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
At 784.90-788.47m magnetite content increases with chalcopyrite exceeding pyrite at the contact with the magnetite-bearing hydrothermal breccia; at 798.20-798.80m a massive magnetite breccia carries clusters, veinlets and disseminated chalcopyrite over pyrite, with actinolite increasing towards the end of the interval and pyrite becoming equal to or greater than chalcopyrite.
Geology and Mineralisation
Mineralisation at Sierra Atacama is vein and fault related, hosted within a steeply dipping structural system. SA_CBR_DD001 was collared in a sequence of porphyritic andesite and lithic-quartz sandstone assigned to the Jurassic La Negra Formation, passing into very fine-grained laminated metasandstone attributed to the Palaeozoic Sierra El Tigre Formation, and into inequigranular granodiorite at depth.
Copper mineralisation logged in the upper part of the hole is oxide and supergene in character, comprising chalcocite veinlets and patches partially replaced by chrysocolla at approximately 115m, and a chalcocite-quartz-cemented hydrothermal breccia hosted in granodiorite at approximately 402m. The intervals reported here lie below that zone. Both are hosted in granodiorite and are associated with magnetite-cemented hydrothermal breccia, with chalcopyrite and pyrite accompanied by magnetite, actinolite and quartz.
*To view tables and figures included in the announcement, please visit:
https://abnnewswire.net/lnk/LXT9Z3JL
Adam Wooldridge Chief Executive Officer E: info@cobre.com.au WWW: www.cobre.com.au
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